Babylon Bitcoin Staking Gets Huge Response

Babylon is an innovative project that allows Bitcoin holders to leverage the Proof-of-Stake (PoS) mechanism and earn yield by staking their Bitcoins

Bitcoin transaction fees surged by a massive 120x on Thursday, reaching a high of 60 BTC due to the high demand for Bitcoin staking on the Babylon platform. However, once the staking process was completed a few hours later, the fees returned to normal levels.

Bitcoin Staking on Babylon Receives Overwhelming Response

Babylon is a unique project that enables Bitcoin holders to participate in the Proof-of-Stake (PoS) mechanism and earn yield by staking their Bitcoins without losing custody. The platform ensures that Bitcoin holders have complete control and security over their assets. “No third-party addresses, bridging, or oracles needed. What happens on Bitcoin, stays on Bitcoin,” explained Babylon Labs.

On Thursday, Phase 1 of Bitcoin staking on Babylon Labs was successfully completed amidst an overwhelming response. The project announced reaching its staking cap of 1,000 Bitcoins within hours of the launch.

It's important to note that Phase 1 is a locking-only phase and does not involve any immediate payouts to BTC stakers. In the next phase, Babylon will launch a Proof-of-Stake chain to secure the BTC locked during Phase 1. Ultimately, stakers will be able to earn rewards by using the same stake to secure multiple PoS blockchains.

The above is the detailed content of Babylon Bitcoin Staking Gets Huge Response. For more information, please follow other related articles on the PHP Chinese website!